© Reuters. FILE PHOTO: The Kohl’s label is seen on a shopping cart in a Kohl’s department store in the Brooklyn borough of New York, U.S., January 25, 2022. REUTERS/Brendan McDermid/File Photo
By Granth Vanaik
(Reuters) -Kohl’s lowered the top end of its annual sales forecast and said it would be aggressive with promotions in the crucial holiday season as cost-conscious shoppers spend less at its department stores, sending its shares tumbling 11% on Tuesday.
American consumers have continued to defer non-essential purchases and focused on buying essentials as rising credit card debt and higher interest rates squeeze wallets, while warmer weather in recent months also hit demand for fall-season goods.
The trimmed outlook echoed retail bellwether Walmart (NYSE:) that last week took a cautious stance for holiday spending, which is expected to grow at the slowest pace in five years.
Chief Executive Tom Kingsbury said Kohl’s (NYSE:) was going to be “very aggressive” with promotions during the holiday season amid the uncertain economic environment, as it looks to gain more market share.
“It’s pretty clear across the discretionary retail space that the environment is…
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